It’s bit good news and bit bad news for all the people who have a vehicle as the price from May 1st will be on daily basis. This would be applied in five cities before rolling out in the country. The prices vary according to the international markets. To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag, Udaipur, Jamshedpur and Chandigarh.

Petrol, diesel prices to be revised in 5 cities daily from May 1

Currently, the three state-run refiners,Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp, revise fuel prices every fortnight to reflect volatility in the currency and global oil markets. Sources told that the Ministry of Petroleum & Natural Gas will soon take a decision over the issue. As the executives from Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp had reportedly met the Oil Minister Dharmendra Pradhan and the ministry officials to discuss the idea od revising prices everyday.

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"It is technically possible to change rates daily, but we have to first do a pilot. Once pilot is done and its implications are studied, we will extend it to other parts of the country," Said IOC Chairman Ashok. Daily price change will remove the big leaps in rates that need to be effected at the end of the fortnight and consumer will be more aligned to market dynamics. 

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While petrol price was freed from government control in June 2010, diesel rates were deregulated in October 2014. Technically, oil companies have freedom to revise rates but often they have been guided by political considerations. Rates differ by only a few paise between pumps of the three state fuel retailers. Unbranded petrol at IOC pumps in Delhi costs Rs 66.29 per litre, while the same at BPCL pumps in the city is priced at Rs 66.37 a litre. HPCL pumps sell for Rs 66.48 per litre

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The rise in crude oil prices was first recorded when the Organisation of Petroleum Exporting Countries (OPEC) last year in September reached an agreement to cut oil production for the first time since 2008 after an informal meeting in Algiers.India, being the fourth largest importer of crude oil, imports 85 per cent of total oil and 95 per cent of gas from OPEC nations.

 




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